How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading around the $16,700 mark and is slowly moving toward the upside on the lower timeframes. As mentioned in our previous analyses, the price is trading within the consolidation zone between $15,900 and $17,000 and is mainly going sideways for the past few days. BTC needs to break out of this consolidation zone with decent volume in order to get going in either direction. The macro trend is still looking bearish for Bitcoin, so it is likely that the price will drop further in the coming weeks. Let’s take a quick look at the Bitcoin Price Prediction Daily (24-Nov-2022) to see where the price is headed next in the immediate short term.
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Analyzing the 30-minutes Timeframe
If we take a look at the latest 30-minute chart for Bitcoin, we can notice that the price recently showed some bullishness as it broke above the short-term resistance at $16,300.
We can also notice that the price is now heading to retest the $17,000 mark. If Bitcoin manages to break above this level in the coming hours, the next resistance we will be eyeing for it on lower timeframes in the $18,000 mark.
However, we can also spot a rising wedge for Bitcoin on lower timeframes, and that could also play out in the coming hours.
A rising wedge pattern is a bearish indicator, and if it plays out in the coming hours, we can expect the price to drop once again. It will retest the support at $15,900 and could also break below it if volume flows in.
Conclusion: What is Next for Bitcoin (BTC)
Bitcoin is currently trading around $16,700 and is still moving within the consolidation zone. We can expect the price to make a big move once it moves out of this consolidation zone. Right now, there is some momentum for BTC on a lower timeframe, but we can also notice a rising wedge forming. We will not be placing any short-term trades for the time being and will wait for Bitcoin to make another move.
How to Trade Bitcoin (BTC)?
To understand the basics of Bitcoin trading, you can read our How To Trade Bitcoin Guide. It can prove helpful for traders who are just getting started with Bitcoin trading. You can also check out our list of top Bitcoin Exchanges To Trade With.
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